Bunkering services have generated MVR 730 million in revenue so far, Minister of Economic Development and Trade Mohamed Saeed has stated.

Speaking at a press briefing held at the President’s Office, the minister said the service continues to deliver strong financial returns, despite attempts to misrepresent its performance. He noted that revenue has been increasing steadily since the launch of the initiative.

The Government’s offshore bunkering operations have generated approximately MVR 730 million to date, with a significant share of earnings coming from the sale of low-sulphur fuel oil that meets international environmental standards.

Introduced in September 2024 as part of efforts to diversify the Maldivian economy, bunkering services are operated by the State Trading Organization (STO) in partnership with global energy firm Vitol.

The minister said the initiative forms a key component of economic reforms aimed at boosting national revenue, with projections indicating the sector could contribute up to USD 400 million annually to the country’s GDP.

He added that the Government plans to further expand bunkering operations as demand continues to grow, with a focus on increasing revenue generation from the sector.